The Securities and Exchange Commission (SEC) has

extended the deadline for applications for amnesty for

late and non-filing of annual financial statements (AFS),

general information sheets (GIS), as well as

non-compliance with SEC Memorandum Circular No. 28,

series of 2020 (Requirement for Corporations,

Partnerships, Associations, and Individuals to Create

and/or Designate E-mail Account Address and Cellphone

Number for Transactions with the Commission) (MC28).

This extension was granted through SEC Memorandum

Circular No. 6,Series of 2023, entitled ?Amendment of SEC

MemorandumCircular No. 2, Series of 2023, and Extending

theDeadlineof AmnestyApplications?(SECMC No. 6-2023

or the ?Circular?). The Circular was issued on April 25,

2023, and took effect immediately following the

completion of itspublication in newspapersnationwide.

DeadlineExtension

The SEC extended the deadline for amnesty applications

due to the number of companies expressing interest in

availing the program and the overlap in the submission

dates of reportorial requirements with the Bureau of

Internal Revenue (BIR).

The Circular provided that eligible companies are given

until June 30, 2023, to submit their amnesty applications.

Applicantsmust comply with the complete and correct set

of requirements for the amnesty application within 90

daysfromthe date of payment of the amnesty fee.

AmnestyProgram

The amnesty program is part of the SEC?s efforts to

encourage its supervised entities to comply with their

reportorial requirements under Republic Act No. 11232

or the Revised Corporation Code of the Philippines. It was

launched in March for non-compliant corporations or for

those whose certificates of registration have been

suspended/revoked.

After the extended June 30 deadline, the SEC will

implement an updated scale of fines and penalties for the

late filing and non-filing of the covered reportorial

requirementseffective July 1,2023.

Click on this link for further detailsabout theCircular.

May 2023